Thor Energy PLC Expands into Helium and Hydrogen Exploration in Australia
Key Ideas
- Thor Energy PLC raised £1 million for a potential acquisition of an 80% stake in Australian group Go Exploration, focusing on hydrogen and helium exploration in South Australia.
- The company plans to issue 466.5 million shares for the stake, with the fundraising done at a small discount to the mid-market price and without warrants attached.
- Executive chairman Alastair Clayton expressed satisfaction with the equity fundraise and highlighted the progress towards acquiring Go Exploration, aiming for a successful transaction closure.
- The move into helium and hydrogen exploration represents a strategic expansion for Thor Energy PLC, supported by both new and existing shareholders.
Thor Energy PLC, listed on AIM, OTCQB, and ASX, has raised £1 million to venture into helium and hydrogen exploration by potentially acquiring an 80% stake in Australian company Go Exploration. Go Exploration, known as GoX, is seeking naturally occurring hydrogen and helium in South Australia through its license portfolio. Thor Energy intends to issue 466.5 million shares for the GoX stake, with the fundraising conducted at a minor discount to the current price and without attaching warrants. The fundraising, split into two parts, requires shareholder approval. Alastair Clayton, the executive chairman, expressed his contentment with the successful equity fundraise, emphasizing the lack of warrants or options issued in the process. Clayton also highlighted the ongoing discussions with shareholders regarding the potential acquisition of Go Exploration, aiming to advance the transaction towards a commercial conclusion. The strategic move into helium and hydrogen exploration signifies a significant expansion for Thor Energy PLC, receiving strong backing from both new and existing shareholders.